Ideva Harps on Increased Public Awareness on Contributory Pension Scheme

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Ebere Nwoji

Managing Director of Premium Pension Limited, Mr. Wilson Ideva, has stated the need for increased public awareness on the workings, benefits and imperative of the Contributory Pension Scheme (CPS).

Ideva said this has become necessary in the face of the current economic uncertainties plaguing the country.

He spoke at the Third Business Today online award organised in Lagos recently where his company emerged the ‘Pension Company of the Year’.

Represented by the Head, Corporate Communications of the company, Mr. Paddy Ezeala, Ideva described the award as the reward for commitment, dedication and tenacity of purpose. He said that the award also underlines the solid relationship between the company and the media in the area of awareness creation on the workings and benefits of the pension industry.

Speaking on the award, the MD/CEO of BusinessToday Online, Ms. Nkechi Naeche, said the award, which is in its third edition seeks out exceptional individuals, companies and states that have been outstanding in advancing the insurance and pension industries within a particular year.

She said Premium Pension, was picked from the votes cast by the public among other considerations made by the award’s panel of judges.

Naeche noted that as stipulated in the voting rules this year, 80 per cent of the votes were assigned to the public while a panel of judges made of experts possessed 20 per cent of the voting rights.

She added that Premium Pension, won the 2015 award following its efficient services to Nigerian retirees and their families, adding that the leading Pension Fund Administrator (PFA) provides an impressive range of Pension products and services to its client-base across the length and breadth of the country.

In August 2015, Premium Pension Limited was conferred with the Award for Mass Mobilisation of Pension Asset, at the Commerce and Industry Awards by the Lagos Chambers of Commerce and Industry, LCCI.

In November 2015, the company received the UK’s International Organisation for Standardisation (ISO) Certificate on Information Security Management System by the British Standard Institute, becoming the first Pension Fund Administrator (PFA) in Nigeria to receive the certification.

In 2015, Premium Pension paid over N87billion to retirees and next-of-kin of contributors under the CPS under its administration. The above figure was paid to a total of 33,000 retirees and relatives of deceased contributors in its portfolio between 2007 and 2015.

Also, the company in 2015, adopted the robust pension administration software, the Canadian

Pension Administration Software (CPAS) to enhance its operations and have consistently posted return on investment on pension asset well above industry average and above inflation.